Your Arkansas Better Business Bureau is pleased to report that one of the best known out-of-state Internet lenders that charges rates and fees that would be illegal for an Arkansas lender to charge will no longer be offering loans to consumers in Arkansas.
High-interest, short term loans known as “pay day loans” are illegal in the State of Arkansas. It does not matter if the lender offering these predatory loans is out of state. It does not matter if the business offering the loan services does not do the actual lending. Bottom line: These loans are 100% illegal in the State of Arkansas, they can destroy a family’s financial health and well-being. You may rest assured that your Arkansas BBB will always fight these types of lenders.
Arkansas consumers are encouraged to examine all the paperwork and to explore all available financing options before borrowing money from any lender. However, if you feel that you are a victim of an illegal loan made by a predatory lender you may contact the Arkansas Attorney General at 1-800-482-8982. Or, you may contact the Federal Trade Commission at 1-877-382-4357.
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